OVERVIEW OF DEVELOPMENTS IN THE FINANCIAL MARKETS …€¦ · Debt Service and Coverage As seen in...

BOARD OF DIRECTORS

AGENDA ITEM NO. 17-05-9

MAY 26, 2017 ACTION REQUESTED – INFORMATION

OVERVIEW OF DEVELOPMENTS IN THE FINANCIAL File Number 8000180

MARKETS AND QUARTERLY FINANCE REPORT

FOR THE PERIOD ENDING MARCH 31, 2017

Introduction

Staff provides quarterly reports intended to keep the Board of Directors informed about the latest

developments in the financial markets, the economy, and sales tax revenues; the strategies being

explored and implemented to minimize possible impacts to the TransNet Program; and a quarterly

report on investments as required per Board Policy No. 003: Investment Policy.

Discussion

Market Review and Update

Overview

Rally in the equity markets from the election of President Donald Trump in late 2016 continued into

the first quarter of 2017. The market hit numerous highs with the Dow Jones Industrial Average

closing at 21,115.55 on March 1, 2017, a 14.4 percent gain since the election. Although backed by

solid employment data and a decade low unemployment rate of 4.5 percent at the end of March, the

rallies largely were sustained by positive sentiment surrounding expected tax cuts, tax reform, and

regulatory reform among other pro-growth policies proposed by the Trump administration.

Central banks in the developed world outside of the United States continued to apply highly

accommodative monetary policies as economic growth and inflation remained subdued. As a result,

sovereign bond yields were at or near historic lows, with yields throughout Europe and Japan below

zero percent. Emerging markets experienced a resurgence this past quarter, after reeling from lack of

positive investor sentiment, turning in a strong beginning to 2017.

The third and final reading of fourth quarter U.S. Gross Domestic Product (GDP) released at the end of

March came in at an annualized rate of 2.1 percent, a slowdown from the third quarter’s pace of

3.5 percent. The deceleration reflected downturns in exports and federal government spending, and a

deceleration in business investment. Consumer spending continued to be a major driver of growth,

outpacing expectations by increasing 2.4 percent for the quarter. Employment data continued to be

strong during the quarter as nonfarm payrolls increased 533,000.

While inflation continued to run below the Federal Open Market Committee’s (FOMC) target of

2 percent, the FOMC voted to raise the federal funds target rate by 0.25 percent yet again in its

March 2017 meeting based on expectations for rising inflation and the prospect of stronger growth.

2

In the aftermath of the election, by the end of 2016, AAA Municipal Market Data (MMD)

(industry-accepted index for tax-exempt bonds) experienced double-digit increases across the yield

curve as investors moved to the equity markets. But the short-to-medium term rates have somewhat

softened since by about 10 basis points (bps) to 40 bps since the end of 2016. They declined as the

Federal Reserve reiterated its expectation for gradual tightening, and the ability of the Trump

administration to enact bold, pro-growth policies came into question. The current 30-year AAA MMD is

3.01 percent.

Tax-Exempt Municipal Bond Rates: AAA MMD

Maturity 12/31/2015 6/30/2016 12/30/2016 4/27/2017

3-Year 0.99% 0.66% 1.46% 1.11%

5-Year 1.26% 0.89% 1.79% 1.41%

10-Year 1.92% 1.35% 2.31% 2.13%

20-Year 2.55% 1.89% 2.90% 2.87%

30-Year 2.82% 2.02% 3.04% 3.01%

AAA MMD Yield Curve Movement

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

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ear

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29-Y

ear

30-Y

ear

12/31/2015 6/30/2016 12/30/2016 Current (4/27/2017)

Benchmark Tax-Exempt Rate History

(January 4, 2016, to April 27, 2017)

1.75%

2.00%

2.25%

2.50%

2.75%

3.00%

3.25%

3.50%

-20 bps

-15 bps

-10 bps

-5 bps

0 bps

5 bps

10 bps

15 bps

20 bps

25 bps

Increase from Previos Day (Left Axis)

Decrease from Previous Day (Left Axis)

30-Year AAA MMD (Right Axis)

Benchmark Tax-Exempt Rate History

(January 4, 1993, to April 27, 2017)

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

30 Year MMD

3

Municipal Market Supply1

Municipal bond supply was up 28.4 percent in

January 2017 compared to 2016 as issuers

rushed to market in anticipation of potential

Federal Reserve rate hikes in 2017. However,

overall the market supply for the first quarter

of 2017 was 13.6 percent lower as issuers held

off amid market volatility and a somewhat

higher interest rate environment, unfavorable

for refundings. The transportation sector’s

issuance volume was $8.8 billion, up 9 percent compared to 2016.

Interest Rate Forecasts

Following the December 2016 hike, FOMC officials voted to raise the target federal funds rate range by

0.25 percent again in March 2017. They cited continued strength in the job market and rising inflation

as primary factors supporting the rate hike. Based on projection materials released with the March

statement, FOMC officials anticipate two more rate increases in 2017—a sign of confidence the

economy will continue to expand in 2017.

The table below provides an average of interest rate forecasts by industry professionals. These are

surveyed and compiled by Bloomberg. As noted, the ten-year U.S. Treasury (UST) rate is forecast to

increase to 2.83 percent by the fourth quarter of 2017. The 30-year UST rate is forecast to increase

to 3.36 percent by the fourth quarter of 2017. The two-year UST rate is forecast to increase to

1.78 percent by the fourth quarter of 2017. Separate from these forecasts, Bloomberg calculates the

probability of the FOMC raising the target federal funds rate based on trading data. Based on the

current market data, at least one additional rate hike is expected at the Fed’s June meeting.

The Street's Interest Rate Forecast2

Forecast 4/27/17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18

30-Year UST 2.96% 3.16% 3.27% 3.36% 3.44% 3.53% 3.67%

10-Year UST 2.30% 2.58% 2.71% 2.83% 2.90% 2.98% 3.10%

2-Year UST 1.26% 1.46% 1.61% 1.78% 1.93% 2.12% 2.29%

3M London Interbank

Offered Rate (LIBOR) 1.17% 1.31% 1.51% 1.66% 1.81% 2.03% 2.21%

Federal Funds Target

Rate Upper Bound 1.00% 1.20% 1.40% 1.50% 1.65% 1.85% 2.05%

Federal Funds Target

Rate Lower Bound 0.75% 0.94% 1.14% 1.26% 1.41% 1.62% 1.79%

1 Issuance data from The Bond Buyer

2 Bloomberg survey compilation as of April 27, 2017

Is suance Volume

$0

$10

$20

$30

$40

$50

Jan Feb Mar

Bill

ion

s

2016 2017

4

Debt Portfolio Overview and Update

Outstanding Debt Overview

SANDAG has $1.75 billion of outstanding long-term debt. Of the total debt portfolio, 23 percent

consists of synthetic fixed-rate bonds (variable-rate bonds hedged with fixed-payer interest rate

swaps), and the remaining 77 percent are fixed-rate bonds. A summary of the outstanding bonds is

tabulated and graphically presented below.

Summary of Outstanding Debt

Series Tax Status Coupon Type Original Issue S ize Outstanding Par Call Option Final Maturity

2008A Tax-Exempt Variable-Rate $150,000,000 $100,575,000 Current 4/1/2038

2008B Tax-Exempt Variable-Rate $150,000,000 $100,575,000 Current 4/1/2038

2008C Tax-Exempt Variable-Rate $150,000,000 $100,575,000 Current 4/1/2038

2008D Tax-Exempt Variable-Rate $150,000,000 $100,575,000 Current 4/1/2038

2010A Taxable BABs Fixed-Rate $338,960,000 $338,960,000 Make-Whole 4/1/2048

2010B Tax-Exempt Fixed-Rate $11,040,000 $6,925,000 4/1/2020 4/1/2030

2012A Tax-Exempt Fixed-Rate $420,585,000 $341,455,000 4/1/2022 4/1/2048



Total

$1,752,825,000

Outstanding Par Breakdown by Tax Status

Outstanding Par Breakdown by Tax Status

Outstanding Par Breakdown by Fixed and Hedged

Outstanding Par Breakdown by Fixed and Hedged

Tax-Exempt$1,413.9MM

81%

Taxable BABs

$339.0MM19%

Fixed Rate$1,350.5MM

77%

Synthetic Fixed Rate$402.3MM

23%

5

Debt Service and Coverage

As seen in the figure below, SANDAG has an aggregate level debt service profile with

approximately $105.3 million in debt service per year through FY 2048. Debt service coverage, using

sales tax receipts of $282.3 million for the last 12 months ended March 31, 2017, is 2.68 times. For

every $1.00 of debt service, SANDAG received $2.68 of sales tax revenue, providing ample coverage.

This high debt service coverage together with the level annual debt service payment, the fairly

conservative debt portfolio, and a well-managed program are critical factors that support the

SANDAG triple-A ratings from Fitch and Standard & Poor’s.

Recent Variable-Rate Demand Bond and Swap Mark-to-Market Performance

SANDAG has $402.3 million of outstanding variable-rate demand bonds (VRDBs) (Series 2008 A, B, C,

and D), as shown below. These VRDBs are backed by standby bond purchase agreements (SBPAs)

from certain financial institutions. The interest rate on these bonds resets weekly through a

remarketing process.

Throughout 2016, the Securities Industry and Financial Markets Association (SIFMA) Index (the

benchmark short-term municipal index) increased as investors moved away from tax-exempt

short-term securities to comply with changes to the net asset value rules that took effect in

October 2016. Going into the first quarter of 2017, the SIFMA rates continued to increase in tandem

with the target federal funds rate, which was raised twice in the last six months. As of April 26,

2017, SIFMA reset to 0.9 percent. Despite the relatively high SIFMA rates, SANDAG VRDBs continue

to trade well compared to this benchmark.

$0

$20

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$100

$120

2018

2019

2020

2021

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2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

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2041

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2044

2045

2046

2047

2048

Mill

ion

s

Series 2008A Series 2008B Series 2008C Series 2008D Series 2010A

Series 2010B Series 2012A Series 2014A Series 2016A

Aggregate Debt Service Profile

Aggregate Debt Service Profile

6

SANDAG Series 2008A–D VRDB Resets S ince December 31, 2015

Series SBPA Provider Remarketing Agent Reset Average SIFMA Average Spread to SIFMA

2008A JPMorgan Chase Bank, N.A. Barclays Capital Inc. 0.47% 0.49% -2 bps

2008B JPMorgan Chase Bank, N.A. Goldman, Sachs & Company 0.49% 0.49% 0 bps

2008C Mizuho Corporate Bank, Ltd. JPMorgan Securities LLC 0.48% 0.49% -1 bps

2008D State Street Stifel, Nicolaus & Company, Inc. 0.48% 0.49% -1 bps

SANDAG also has $402.3 million of fixed-payer interest rate swaps outstanding, the purpose of

which is to hedge the interest rate variability associated with the $402.3 million of variable-rate

bonds. Additionally, SANDAG has $313.2 million of basis swaps outstanding. Under the basis swaps,

which become effective on April 1, 2018, when the existing fixed-payer swaps originally were

scheduled to convert from the LIBOR to the SIFMA based indices, SANDAG will pay its counterparty

a floating interest rate payment based on the SIFMA Index and will receive a floating payment

based on 107.4 percent of three-month LIBOR. The market value of the SANDAG swap portfolio

changes with interest rate fluctuations. The mark-to-market (MTM) valuation is ($72,024,410),

meaning SANDAG would need to pay approximately $72 million to terminate the entire swap

portfolio in the current market. However, the swaps are performing as expected, and currently

there are no reasons that SANDAG would terminate the swaps. Additionally, SANDAG is not

required to post collateral under the swap agreements. On an annual basis and in accordance with

Board Policy No. 032: San Diego County Regional Transportation Commission Interest Rate Swap

Policy, an annual written description of the swaps and an evaluation of the risks associated with

outstanding interest rate swaps are presented to the Board of Directors for review.

(Rest of this page intentionally left blank)

7

Swap Portfolio Overview

Associated

Series

SANDAG

Pays

SANDAG

Receives

Trade

Date

Effective

Date

Maturity

Date

MTM Value

(As of

4/26/2017)

Notional

Outstanding

Bank

Counterparty

Series 2008 3.8165%

65% of

USD-LIBOR

until 4/2018;

SIFMA Swap

Index

thereafter

5/23/2012 5/23/2012 4/1/2038 ($29,159,577) $134,100,000

Bank of

America, N.A.

(A1/A+/A+)

Series 2008 3.8165%

65% of

USD-LIBOR

until 4/2018;

SIFMA Swap

Index

thereafter

5/23/2012 5/23/2012 4/1/2038 ($29,159,577) $134,100,000

Goldman Sachs

Mitsui Marine

Derivative

Products, L.P.

(Aa2/AA-)

Series 2008 3.4100% 65% of

USD-LIBOR 5/23/2012 5/23/2012 4/1/2038 ($30,581,760) $134,100,000

Bank of

America, N.A.

(A1/A+/A+)

Total Fixed-Payer Swaps ($88,900,914) $402,300,000

Series 2008

SIFMA

Swap

Index

107.4% of

3 month

USD-LIBOR

3/19/2009 4/1/2018 4/1/2038 $8,438,252 $156,600,000

Barclays Bank

PLC

(A1/A-/A)

Series 2008

SIFMA

Swap

Index

107.4% of

3 month

USD-LIBOR

3/19/2009 4/1/2018 4/1/2038 $8,438,252 $156,600,000

Barclays Bank

PLC

(A1/A-/A)

Total Index Convers ion Swaps $16,876,504 $313,200,000

Total Combined ($72,024,410) $715,500,000

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8

Cost of Capital

SANDAG has a very attractive weighted average cost of capital (WACC) of 3.78 percent. This cost

can vary based on swap performance and the cost of liquidity to support the variable-rate debt.

The 2008A–D bonds with the current swap rate and associated fees provide a cost of capital equal

to 4.1 percent. The 2010A bonds were issued as taxable Build America Bonds and have a borrowing

cost of 3.89 percent. The 2010B tax-exempt bonds have a borrowing cost of 3.14 percent. The 2012A

and 2014A bonds were sold at an all-in cost of 3.72 percent and 3.85 percent, respectively. The most

recent Series 2016A bonds were sold at an all-in cost of 3.29 percent. Taken together, SANDAG has

issued approximately $1.89 billion in bonds, to accelerate project delivery, for a weighted average

cost of 3.78 percent.

SANDAG’s WACC Calculations

Synthetic Fixed Rate:

Series Par Post 2012 Refunding Swap Rate SBPA Fee Remarketing Agent Fee Cost of Capital

2008A $100,575,000 3.8165% 0.390% 0.06% 4.2665%

2008B $100,575,000 3.8165% 0.390% 0.06% 4.2665%

2008C1 $67,050,000 3.8165% 0.320% 0.06% 4.1965%

2008C2 $33,525,000 3.4100% 0.320% 0.06% 3.7900%

2008D $100,575,000 3.4100% 0.340% 0.06% 3.8100%

2008 Weighted Average 4.1010%

Fixed Rate:

Series Original Par - - - All-in True

Interest Cost

2010A $338,960,000 - - - 3.8871%

2010B $11,040,000 - - - 3.1434%

2012A $420,585,000 - - - 3.7167%

2014A $350,000,000 - - - 3.8507%

2016A $325,000,000 - - - 3.2947%

Total Weighted Average 3.7794%

Commercial Paper

In addition to the long-term debt, SANDAG has a short-term commercial paper program supported

by a Letter of Credit from Union Bank. The commercial paper program was authorized at

$100 million and has a current outstanding balance of $26.8 million as of May 1, 2017. The paper

was most recently remarketed out 97 days at a rate of 74 bps. The Letter of Credit expires in

September 2017.

9

Looking Ahead

SANDAG and its financing team submitted its formal application for a federal Transportation

Infrastructure Finance and Innovation Act (TIFIA) loan to support the Mid-Coast Corridor Transit

project in early November 2016 and received a draft loan agreement in January 2016. Negotiations

are complete with the U.S. Department of Transportation on the loan agreement, and pending final

documents and Board of Directors review and approval, the loan could be completed before fiscal

year end.

SANDAG also is moving forward with the refunding of the outstanding TIFIA loan in relation to the

State Route 125 Toll Road. Pending approval by the Board of Directors, the outstanding TIFIA loan

would be retired with toll-revenue refunding bonds for the purpose of reducing debt service costs

associated with the toll facility.

Additionally, the SBPA (i.e., the “liquidity facility”) with Mizuho Corporate Bank, Ltd. expires on

September 26, 2017, and the Letter of Credit with Union Bank, which supports the SANDAG

commercial paper program, expires on September 16, 2017. Staff is beginning the procurement

process to renew with the existing providers or replace with new providers, as needed, ahead of the

expiration dates.

Lastly, in March 2017 staff presented the draft assumptions to the Board of Directors for the next

update to the TransNet Major Corridors Plan of Finance with the intent of completing the update

shortly thereafter. Recent developments, however, make it prudent to complete the update later

this summer. In particular, the approval of Senate Bill 1 (Beall) by Governor Brown in late April

provides significant new funding for transportation programs. It is estimated that the new funding

will yield approximately $5.2 billion per year statewide. The California Transportation Commission

(CTC) and other state agencies are expected to develop formal program implementation guidelines

over the next few months. The CTC has indicated that in June 2017 it will include the funds

anticipated to flow through the State Transportation Improvement Program (match TransNet funds)

as part of its 2018 Draft Fund Estimate. The Fund Estimate would cover anticipated funding for the

FY 2019–2023 period. In addition, the anticipated closing of the TIFIA loan would allow the

inclusion of the actual locked-in interest rate rather than the more conservative assumed rate in the

Plan of Finance model.

Quarterly Investment Data

Included with this quarterly finance report through March 31, 2017, are: a summary of portfolio

balances by institution (Attachment 1); a detail of portfolio balances by account (Attachment 2);

and a detail of portfolio balances by investment type (Attachment 3) for all money under the

direction or care of SANDAG, including funds of the San Diego County Regional Transportation

Commission (RTC), SourcePoint, and the Automated Regional Justice Information System (ARJIS).

As of March 31, 2017, a total of $976.3 million was held by SANDAG in a number of investment

accounts, in comparison to $1.01 billion held in the previous quarter. The $33 million decrease

during the quarter primarily is due to the timing of TransNet sales tax receipts, TransNet debt

service payments, TransNet allocation payments to other local governmental agencies, and the use

10

of TransNet bond proceeds to fund current projects.3

Approximately $9.5 million was held in nine U.S. Bank, N.A. accounts at the end of the quarter,

which are used for operating purposes. Approximately $966.8 million was invested in six

institutions, as follows:

1. State of California Local Agency Investment Fund (LAIF) – State law allows local agencies

(RTC and SANDAG) to invest up to $65 million per agency in LAIF. These funds hold excess

operating funds for the RTC and SANDAG. A total of approximately $38.4 million was invested

in LAIF, of which the RTC held the majority at $33.4 million (sales tax funds) and SANDAG held

$5 million. These funds are highly liquid and may be accessed easily for immediate operating

needs.

2. California Asset Management Program (CAMP) – These are funds administered by one of the

two SANDAG investment managers, PFM Asset Management, LLC. The Cash Reserve Portfolio,

totaling $155.9 million, is used for the investment of the 2008 bond reserves; the 2008, 2010,

2012, 2014, and 2016 bond investments for future principal and interest payments; 2016

TransNet bond proceeds; and excess operating funds for Interstate 15 FasTrak®, State Route 125

(SR 125), ARJIS, Coronado Bridge Toll Funds, and TransNet sales tax funds not yet paid for

TransNet-approved projects. In addition, CAMP uses the Individual Portfolio, totaling

$394.4 million, for the investment of SR 125 reserves for future projects; the 2008 and 2016

TransNet bond proceeds; the 2008, 2010, 2012, 2014, and 2016 bond investments for future

principal and interest payments; and TransNet sales tax funds not yet paid to other local

governmental agencies.

3. U.S. Bank – These funds, totaling approximately $47.3 million, were held by U.S. Bank, Trustee

for bond debt service payments and payment of interest on the short-term Commercial Paper

Program, as part of the TransNet Program; for toll revenues of the SR 125 franchise; and for

retention held through the completion of projects. Of this balance, $26.8 million of the

investments held by U.S. Bank is invested in North County Transit District auction rate securities

purchased with commercial paper.

4. The Bank of New York Mellon – These are funds administered by one of the two SANDAG

investment managers, Cutwater Asset Management Corp. The Individual Portfolio, totaling

$208.7 million, and the Cash Reserve Portfolio, totaling $347,900, are used for the investment of

excess TransNet sales tax revenue not yet paid for TransNet-approved projects.

5. San Diego County Treasurer’s Pooled Money Fund – These funds, totaling $121.1 million, were

held by the San Diego County Treasurer’s Pooled Money Fund. The funds consist of ARJIS,

SANDAG Service Authority for Freeway Emergencies, SourcePoint, Interstate 15 FasTrak,

TransNet sales tax revenues, and 2016 TransNet bond proceeds.

6. California Bank and Trust – There was $594,500 on deposit with California Bank and Trust

pursuant to capital project escrow retention agreements with various contractors.

3 Due to rounding, the numbers below may not tie to the attached detail of investments.

11

The chart below provides a snapshot of the investment holding locations as of March 31, 2017.

As shown in the chart on the next page, as of March 31, 2017, the yield on cost of the portfolio was

1.1 percent, with a weighted average maturity of 378 days, in comparison to 1.04 percent and

392 days in the prior quarter.

The Finance Department has continued to implement the Board of Directors investment objectives

of safety, liquidity, and return on investment for the SANDAG investment portfolio. These will

continue to be important investment objectives for the future.

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Semi-Annual Yield on Cost

Investment HoldingsUS BANK, N.A.

LAIF

CAMP IP

CAMP CASH RESERVE

US BANK

BNY MELLON IP

BNY MELLON CASH RESERVE

COSD TREASURER'S POOL

CALIFORNIA BANK AND TRUST

12

Certifications

The Director of Finance reports that this investment portfolio, together with the authorized short-

term Commercial Paper Program, will provide the necessary liquidity to meet the expenditure

requirements of SANDAG, RTC, ARJIS, and SourcePoint for the next six months. This portfolio is in

compliance with state law and Board Policy No. 003.

The Local Economy and Sales Tax Revenues

The world has entered a period of greater political uncertainty. The impact on global economic

growth and business performance, however, has been mixed so far. The U.S. economy seems to be

experiencing a modest upside from stronger business confidence and the possibility of some tax

relief later in 2017, but this is only one possible scenario in the outlook. Over half a million jobs

have been created in the U.S. economy during the first quarter of 2017, but the improved trend for

job growth is dampened by lingering concerns about the volatility of economic growth and political

stability globally. Additional concerns include weakness in wage growth and the average number of

hours worked, but recent signs have been positive, though wage gains since 2008 have primarily

accrued to high earners. These trends, combined with the types of jobs (primarily lower-paying) that

have been created since the end of the recession, have contributed to keeping real per-capita

disposable income almost stagnant for the past decade, and only rising slowly in the past two years.

This, in turn, has led to some growth in consumer spending, which makes up more than 70 percent

of the economy and is a primary driver of sales tax revenue. While personal consumption

expenditures have driven recent GDP gains, private investment and government expenditures have

been relatively flat. Europe and Japan also are experiencing, somewhat surprisingly, stronger

internal growth dynamics. In contrast, uncertainties of different kinds are weighing down on

emerging markets’ growth prospects, especially in India, Mexico, Turkey, and Saudi Arabia. The

Conference Board Global Economic Outlook projects 2.9 percent global growth in 2017—which is a

notch up from earlier projections.

In light of the increased business confidence, the continued decline in the unemployment rate,

increase in labor force, and small uptick in wages since last year, taxable sales could be expected to

pick up as consumer confidence and economic status improve.

GARY L. GALLEGOS

Executive Director

Attachments: 1. SANDAG Summary of Portfolio Balances (by Institution) as of March 31, 2017

2. SANDAG Detail of Portfolio Balances (by Account) as of March 31, 2017

3. SANDAG Detail of Portfolio Balances (by Investment Type) as of March 31, 2017

Key Staff Contacts: André Douzdjian, (619) 699-6931, [email protected]

Ray Major, (619) 699-1930, [email protected]

Lisa Kondrat-Dauphin (619) 699-1942, [email protected]

mailto:[email protected]

mailto:[email protected]

Attachment 1

SANDAGSummary of Portfolio Balances (by Institution)

as of March 31, 2017

Wtd. Avg.Book Percent of Market Market Unrealized Yield on Days to

Institution Value Portfolio Value Price Gain/(Loss) Cost Maturity

US BANK, N.A. 9,525,953.16$ 0.97% 9,525,953.16$ 100.00% -$ N/A 1

STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND 38,394,258.07 3.93% 38,394,258.07 100.00% - 0.85% 180 **

CALIFORNIA ASSET MANAGEMENT PROGRAM (CAMP) INDIVIDUAL PORTFOLIO 394,474,666.64 40.35% 394,363,500.14 99.97% (111,166.50) 1.24% 473

CAMP CASH RESERVE PORTFOLIO 155,925,677.84 15.95% 155,925,677.84 100.00% - 0.89% 53 **

US BANK 47,336,381.34 4.84% 47,336,381.34 100.00% - 0.59% 20

THE BANK OF NEW YORK (BNY) MELLON INDIVIDUAL PORTFOLIO 210,019,823.33 21.48% 208,697,186.54 99.37% (1,322,636.79) 1.19% 549

BNY MELLON CASH RESERVE PORTFOLIO 347,912.05 0.04% 347,912.05 100.00% - 0.00% 1

SAN DIEGO COUNTY TREASURER'S POOLED MONEY FUND 121,065,165.56 12.38% 121,065,165.56 100.00% - 1.21% 429 **

CALIFORNIA BANK AND TRUST 594,507.48 0.06% 594,507.48 100.00% - 0.05% 1

TOTAL 977,684,345.47$ 100.00% 976,250,542.18$ 99.85% (1,433,803.29)$ 1.10% 378

** Although average days to maturity is greater than one day, funds are available at par the same day.

Summary of Portfolio Balances (by Agency)

Wtd. Avg.Book Percent of Market Market Unrealized Yield on Days to

Agency Value Portfolio Value Price Gain/(Loss) Cost Maturity

SANDAG FUNDS 118,266,462.06$ 12.10% 118,101,442.31$ 99.86% (165,019.75)$ 0.87% 185

AUTOMATED REGIONAL JUSTICE INFORMATION SYSTEM FUNDS 7,659,151.06 0.78% 7,659,151.06 100.00% - 1.00% 172

SOURCEPOINT FUNDS 217,942.65 0.02% 217,942.65 100.00% - 1.21% 335

CORONADO BRIDGE TOLL FUNDS 275,404.35 0.03% 275,404.35 100.00% - 0.89% 53

SAN DIEGO COUNTY REGIONAL TRANSPORTATION COMMISSION FUNDS 851,265,385.35 87.06% 849,996,601.81 99.85% (1,268,783.54) 1.14% 407

TOTAL 977,684,345.47$ 100.00% 976,250,542.18$ 99.85% (1,433,803.29)$ 1.10% 378

Note: In addition to the funds held above, there is $4,750 petty cash held at SANDAG.

13

Percent Wtd. Avg.

Book of Market Market Unrealized Yield on Days to

Institution / Account Value Portfolio Value Price Gain/(Loss) Cost Maturity

US BANK, N.A.:

Checking - TransNet Sales Tax (RTC) 755,454.67$ 0.08% 755,454.67$ 100.00% -$ N/A 1

Checking - SANDAG General 1,507,164.67 0.15% 1,507,164.67 100.00% - N/A 1

Checking - SANDAG Flexible Spending Acct (FSA) 73,819.15 0.01% 73,819.15 100.00% - N/A 1

Checking - SANDAG Interstate 15 (I-15) FasTrak ® 2,181,299.79 0.22% 2,181,299.79 100.00% - N/A 1

Checking - SANDAG SAFE Program Acct 308,445.96 0.03% 308,445.96 100.00% - N/A 1

Checking - SourcePoint 48,011.63 0.00% 48,011.63 100.00% - N/A 1

Checking - ARJIS 278,269.67 0.03% 278,269.67 100.00% - N/A 1

Checking - State Route 125 (SR 125) Payment Account 4,236,256.42 0.43% 4,236,256.42 100.00% - N/A 1

Checking - State Route 125 (SR 125) Collection Account 137,231.20 0.01% 137,231.20 100.00% - N/A 1

TOTAL US BANK, N.A. 9,525,953.16$ 0.97% 9,525,953.16$ 100.00% -$ N/A 1

STATE OF CA LOCAL AGENCY INVESTMENT FUND (LAIF):

TransNet (RTC) 33,371,451.88$ 3.41% 33,371,451.88$ 100.00% -$ 0.85% 180

SANDAG 5,022,806.19 0.51% 5,022,806.19 100.00% - 0.85% 180

TOTAL LAIF 38,394,258.07$ 3.93% 38,394,258.07$ 100.00% -$ 0.85% 180 **

CALIFORNIA ASSET MANAGEMENT PROGRAM (CAMP):

INDIVIDUAL PORTFOLIO:

TransNet Sales Tax (RTC) 222,598,114.31$ 22.77% 222,034,073.90$ 99.75% (564,040.41)$ 1.36% 713

TransNet 2008 Bond Proceeds A/B/C/D Reserve Fund (RTC) 13,823,006.69 1.41% 13,798,665.50 99.82% (24,341.19) 1.07% 401

TransNet 2016 Bond Proceeds Series A Project (RTC) 132,561,548.92 13.56% 133,204,437.99 100.48% 642,889.07 1.12% 100

Sage Hill Endowment (RTC) 824,043.00 0.08% 823,388.78 99.92% (654.22) 0.68% 209

SANDAG Toll Rd Project Major Main Reserve Acct 18,124,140.00 1.85% 18,001,695.00 99.32% (122,445.00) 0.90% 366

SANDAG Toll Rd Project Extraordinary Reserve Acct 6,543,813.72 0.67% 6,501,238.97 99.35% (42,574.75) 0.98% 433

TOTAL INDIVIDUAL PORTFOLIO 394,474,666.64$ 40.35% 394,363,500.14$ 99.97% (111,166.50)$ 1.24% 473

SANDAG

Detail of Portfolio Balances (by Account)


Attachment 2

14

Percent Wtd. Avg.



SANDAG



CASH RESERVE PORTFOLIO:

I-15 FasTrak 624,829.56$ 0.06% 624,829.56$ 100.00% -$ 0.89% 53

ARJIS 4,913,861.87 0.50% 4,913,861.87 100.00% - 0.89% 53

California Coastal Commission 1,182,616.51 0.12% 1,182,616.51 100.00% - 0.89% 53

SANDAG SR 125 1,862,364.08 0.19% 1,862,364.08 100.00% - 0.89% 53

SANDAG Toll Road Project Maint 35,560,227.34 3.64% 35,560,227.34 100.00% - 0.89% 53

Coronado Bridge Toll Funds 275,404.35 0.03% 275,404.35 100.00% - 0.89% 53

SANDAG Toll Road Extraordinary Reserve 6,195,612.83 0.63% 6,195,612.83 100.00% - 0.89% 53

SANDAG Shoreline Management Account 162,522.65 0.02% 162,522.65 100.00% - 0.89% 53

2008 Bond Series A/B/C/D Reserve Fund (RTC) 3,511,061.54 0.36% 3,511,061.54 100.00% - 0.89% 53

2008 Bond Series A - Principal (RTC) 1.00 0.00% 1.00 100.00% - 0.89% 53

2008 Bond Series B - Principal (RTC) 1.00 0.00% 1.00 100.00% - 0.89% 53

2008 Bond Series C - Principal (RTC) 1.00 0.00% 1.00 100.00% - 0.89% 53

2008 Bond Series D - Principal (RTC) 1.00 0.00% 1.00 100.00% - 0.89% 53

2010 Bond Series B - Principal (RTC) 665,432.73 0.07% 665,432.73 100.00% - 0.89% 53

2010 Bond Series B - Interest (RTC) 154,358.48 0.02% 154,358.48 100.00% - 0.89% 53

2010 Bond Series A - Interest (RTC) 10,024,612.15 1.03% 10,024,612.15 100.00% - 0.89% 53


2012 Bond Series A - Principal (RTC) 16,250,996.31 1.66% 16,250,996.31 100.00% - 0.89% 53

2008 Sales Tax Account - TransNet Extension (RTC) 395,624.71 0.04% 395,624.71 100.00% - 0.89% 53

Wetland Mitigation TransNet Sales Tax (RTC) 293,455.89 0.03% 293,455.89 100.00% - 0.89% 53

Sage Hill Endowment (RTC) 4,118.63 0.00% 4,118.63 100.00% - 0.89% 53

2014 Bond Series A - Principal (RTC) 4,593,094.58 0.47% 4,593,094.58 100.00% - 0.89% 53


2014 Bond Series A Project Del Mar Fund (RTC) 596,665.95 0.06% 596,665.95 100.00% - 0.89% 53

2014 Bond Series A Project Santee Fund (RTC) 467,283.36 0.05% 467,283.36 100.00% - 0.89% 53

2016 Bond Series A Principal Account (RTC) 2,766,873.91 0.28% 2,766,873.91 100.00% - 0.89% 53

2016 Bond Series A Interest Account (RTC) 10,100,747.80 1.03% 10,100,747.80 100.00% - 0.89% 53

2016 Bond Series A Project Account (RTC) 38,077,875.24 3.89% 38,077,875.24 100.00% - 0.89% 53

TOTAL CASH RESERVE PORTFOLIO 155,925,677.84$ 15.95% 155,925,677.84$ 100.00% -$ 0.89% 53 **

TOTAL CAMP 550,400,344.48$ 56.30% 550,289,177.98$ 99.98% -$ 1.14% 354

15

Percent Wtd. Avg.



SANDAG



US BANK:

Capital Project Retention Account 4,161,740.36$ 0.43% 4,161,740.36$ 100.00% -$ 0.15% 1

SANDAG - Toll Road Project Revenue 5,689,179.64 0.58% 5,689,179.64 100.00% - 0.15% 1

SANDAG - Toll Road Project Capital Expenditure Reserve 772,550.03 0.08% 772,550.03 100.00% - 0.15% 1

SANDAG - Toll Road Project Expense Fund - TIFIA Note Expense Acct 10,027.89 0.00% 10,027.89 100.00% - 0.15% 1

SANDAG - Toll Road Project Senior Obligation Debt Service - Interest 965,413.33 0.10% 965,413.33 100.00% - 0.15% 1

SANDAG - Toll Road Project Senior Obligation Debt Service - Principal 221,786.95 0.02% 221,786.95 100.00% - 0.15% 1

SANDAG - Toll Road Project Major Maintenance Reserve Acct 118.11 0.00% 118.11 100.00% - 0.15% 1

SANDAG - Toll Road Project Extraordinary Reserve Acct 40.18 0.00% 40.18 100.00% - 0.15% 1

SANDAG - Toll Road Proj First Subord Obl TransNet Payment 677.67 0.00% 677.67 100.00% - 0.15% 1

SANDAG - Toll Road Project SANDAG Distribution 1,001,957.44 0.10% 1,001,957.44 100.00% - 0.15% 1

2008 Revenue Bond Series A Interest (RTC) 0.11 0.00% 0.11 100.00% - 0.00% 1

2008 Bond Series A/B/C/D Main Interest (RTC) 1,327,735.18 0.14% 1,327,735.18 100.00% - 0.15% 1

Commercial Paper Series B - NCTD Interest (RTC) 225,260.93 0.02% 225,260.93 100.00% - 0.15% 1

NCTD Certificates of Participation 26,750,000.00 2.74% 26,750,000.00 100.00% - 0.83% 35

Custody Account (RTC) 2,801,313.85 0.29% 2,801,313.85 100.00% - 0.42% 1

2010 Revenue Bond Series A Interest (RTC) 3,264,353.18 0.33% 3,264,353.18 100.00% - 0.15% 1

2016 Revenue Bond Series A Project Fund (RTC) 9,228.19 0.00% 9,228.19 100.00% - 0.15% 1

Sales Tax Revenue CP Notes Series B Interest (RTC) 0.72 0.00% 0.72 100.00% - 0.00% 1

Sales Tax Revenue CP Notes Series B Principal (RTC) 134,997.58 0.01% 134,997.58 100.00% - 0.19% 1

TOTAL US BANK 47,336,381.34$ 4.84% 47,336,381.34$ 100.00% -$ 0.59% 20

THE BANK OF NEW YORK MELLON:

INDIVIDUAL PORTFOLIO:

TransNet Extension (RTC) 210,019,823.33$ 21.48% 208,697,186.54$ 99.37% (1,322,636.79)$ 1.19% 549

TOTAL INDIVIDUAL PORTFOLIO 210,019,823.33$ 21.48% 208,697,186.54$ 99.37% (1,322,636.79)$ 1.19% 549

CASH RESERVE:

TransNet Extension (RTC) 347,912.05$ 0.04% 347,912.05$ 100.00% -$ 0.00% 1

TOTAL CASH RESERVE 347,912.05$ 0.04% 347,912.05$ 100.00% -$ 0.00% 1

TOTAL THE BANK OF NEW YORK MELLON 210,367,735.38$ 21.52% 209,045,098.59$ 99.37% (1,322,636.79)$ 1.18% 548

16

Percent Wtd. Avg.



SANDAG



SAN DIEGO COUNTY TREASURER'S POOLED MONEY FUND:

SourcePoint Cash Reserve Fund 169,931.02$ 0.02% 169,931.02$ 100.00% -$ 1.21% 429

SDCRTC 2016 Bonds (RTC) 70,045,369.80 7.16% 70,045,369.80 100.00% - 1.21% 429

SANDAG I-15 FasTrak 12,374,770.03 1.27% 12,374,770.03 100.00% - 1.21% 429

TransNet Extension (RTC) 27,257,532.31 2.79% 27,257,532.31 100.00% - 1.21% 429

ARJIS 2,467,019.52 0.25% 2,467,019.52 100.00% - 1.21% 429

SANDAG SAFE Program 8,750,542.88 0.90% 8,750,542.88 100.00% - 1.21% 429

TOTAL SAN DIEGO COUNTY TREASURER'S POOLED MONEY FUND 121,065,165.56$ 12.38% 121,065,165.56$ 100.00% -$ 1.21% 429 **

CALIFORNIA BANK AND TRUST:

Capital Project Retention Accounts 594,507.48$ 0.06% 594,507.48$ 100.00% -$ 0.05% 1

TOTAL CALIFORNIA BANK AND TRUST 594,507.48$ 0.06% 594,507.48$ 100.00% -$ 0.05% 1

TOTAL 977,684,345.47$ 100.00% 976,250,542.18$ 99.85% (1,433,803.29)$ 1.10% 378

Legend:

Automated Regional Justice Information System (ARJIS)

Commercial Paper (CP)

State of California Local Agency Investment Fund (LAIF)

North County Transit District (NCTD)

San Diego County Regional Transportation Commission (RTC)

** Although average days to maturity is greater than one day, funds are available at par the same day.

17

Wtd. Avg.

Purchase Maturity Unrealized S&P Moody's Yield Days to

Investment Date Date Book Value Market Value Gain / (Loss) Par Value Rating Rating on Cost Maturity

Cash and cash equivalents:

Demand deposits:

Checking - TransNet Sales Tax (RTC) N/A N/A 755,454.67$ 755,454.67$ -$ N/A NR NR N/A 1

Checking - SANDAG General N/A N/A 1,507,164.67 1,507,164.67 - N/A NR NR N/A 1

Checking - SANDAG Flexible Spending Acct (FSA) N/A N/A 73,819.15 73,819.15 - N/A NR NR N/A 1

Checking - SANDAG Interstate 15 (I-15) FasTrak ® N/A N/A 2,181,299.79 2,181,299.79 - N/A NR NR N/A 1

Checking - SANDAG SAFE Program Acct N/A N/A 308,445.96 308,445.96 - N/A NR NR N/A 1

Checking - SourcePoint N/A N/A 48,011.63 48,011.63 - N/A NR NR N/A 1

Checking - ARJIS N/A N/A 278,269.67 278,269.67 - N/A NR NR N/A 1

Checking - State Route 125 (SR 125) Payment Account N/A N/A 4,236,256.42 4,236,256.42 - N/A NR NR N/A 1

Checking - SR 125 Collection Account N/A N/A 137,231.20 137,231.20 - N/A NR NR N/A 1

Total demand deposits 9,525,953.16$ 9,525,953.16$ -$ N/A N/A 1

Money market accounts and funds:

Money Market - Capital Project Retention Account N/A N/A 594,507.48$ 594,507.48$ -$ N/A NR NR 0.05% 1

Money Market - Capital Project Retention Account N/A N/A 4,161,740.36 4,161,740.36 - N/A NR NR 0.15% 1

Money Market - SANDAG Toll Road Project Revenue Fund N/A N/A 5,689,179.64 5,689,179.64 - N/A NR NR 0.15% 1

Money Market - SANDAG Toll Road Project Cap Exp Reserve N/A N/A 772,550.03 772,550.03 - N/A NR NR 0.15% 1

Money Market - SANDAG Toll Road Project TIFIA Note Expense N/A N/A 10,027.89 10,027.89 - N/A NR NR 0.15% 1

Money Market - SANDAG Toll Road Project Sr. Oblig. D/S - Interest N/A N/A 965,413.33 965,413.33 - N/A NR NR 0.15% 1

Money Market - SANDAG Toll Road Project Sr. Oblig. D/S - Princ. N/A N/A 221,786.95 221,786.95 - N/A NR NR 0.15% 1

Money Market - SANDAG Toll Road Project Major Maintenance Reserv N/A N/A 118.11 118.11 - N/A NR NR 0.15% 1

Money Market - SANDAG Toll Road Project Extraordinary Reserve Fund N/A N/A 40.18 40.18 - N/A NR NR 0.15% 1

Money Market - SANDAG Toll Road Project 1st Sub Obl TNet Pymt N/A N/A 677.67 677.67 - N/A NR NR 0.15% 1

Money Market - SANDAG Toll Road Project SANDAG Distribution N/A N/A 1,001,957.44 1,001,957.44 - N/A NR NR 0.15% 1

San Diego County Treasurer's Pooled Money Fund (SourcePoint) N/A N/A 169,931.02 169,931.02 - N/A AAAf / S1 NR 1.21% 429

San Diego County Treasurer's Pooled Money Fund (RTC) N/A N/A 70,045,369.80 70,045,369.80 - N/A AAAf / S1 NR 1.21% 429

San Diego County Treasurer's Pooled Money Fund (I-15 FasTrak ®) N/A N/A 12,374,770.03 12,374,770.03 - N/A AAAf / S1 NR 1.21% 429

San Diego County Treasurer's Pooled Money Fund (RTC) N/A N/A 27,257,532.31 27,257,532.31 - N/A AAAf / S1 NR 1.21% 429

San Diego County Treasurer's Pooled Money Fund (ARJIS) N/A N/A 2,467,019.52 2,467,019.52 - N/A AAAf / S1 NR 1.21% 429

San Diego County Treasurer's Pooled Money Fund (SAFE) N/A N/A 8,750,542.88 8,750,542.88 - N/A AAAf / S1 NR 1.21% 429

Money Market - RTC (2008 Revenue Bond Series B Interest ) N/A N/A 0.11 0.11 - N/A NR NR 0.00% 1

Money Market - RTC (2008 Bond - Main Interest) N/A N/A 1,327,735.18 1,327,735.18 - N/A NR NR 0.15% 1

Money Market - RTC (CP Series B - NCTD) N/A N/A 225,260.93 225,260.93 - N/A NR NR 0.15% 1

Money Market - RTC (2010 Revenue Bond Series A Interest ) N/A N/A 3,264,353.18 3,264,353.18 - N/A NR NR 0.15% 1

Money Market - RTC (2016 Revenue Bond Series A Project) N/A N/A 9,228.19 9,228.19 - N/A NR NR 0.15% 1

Money Market - RTC (CP Notes Ser B Interest) N/A N/A 0.72 0.72 - N/A NR NR 0.00% 1

Money Market - RTC (CP Ser B Principal) N/A N/A 134,997.58 134,997.58 - N/A NR NR 0.19% 1

Money Market - RTC (Custody Account) N/A N/A 2,801,313.85 2,801,313.85 - N/A NR NR 0.42% 1

CAMP Cash Reserve Portfolio (ARJIS) N/A N/A 4,913,861.87 4,913,861.87 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio - CA Coastal Commission N/A N/A 1,182,616.51 1,182,616.51 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio (SANDAG SR 125) N/A N/A 1,862,364.08 1,862,364.08 - N/A AAAm NR 0.89% 53

SANDAG

Detail of Portfolio Balances (by Investment Type)


Attachment 3

18

Wtd. Avg.



SANDAG



CAMP Cash Reserve Portfolio (SANDAG SR 125) - Project Maint N/A N/A 35,560,227.34 35,560,227.34 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio - Coronado Bridge Toll Funds N/A N/A 275,404.35 275,404.35 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio (SANDAG SR 125) - Extraordinary Reserve N/A N/A 6,195,612.83 6,195,612.83 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio - SANDAG Shoreline Management Accou N/A N/A 162,522.65 162,522.65 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio (I-15 FasTrak ®) N/A N/A 624,829.56 624,829.56 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio (RTC) - 2008 Bond Reserve N/A N/A 3,511,061.54 3,511,061.54 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio (RTC) - 2008 Bond Ser A Principal N/A N/A 1.00 1.00 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio (RTC) - 2008 Bond Ser B Principal N/A N/A 1.00 1.00 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio (RTC) - 2008 Bond Ser C Principal N/A N/A 1.00 1.00 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio (RTC) - 2008 Bond Ser D Principal N/A N/A 1.00 1.00 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio (RTC) - 2010 Bond Ser B Principal N/A N/A 665,432.73 665,432.73 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio (RTC) - 2010 Bond Ser B Interest N/A N/A 154,358.48 154,358.48 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio (RTC) - 2010 Bond Ser A Interest N/A N/A 10,024,612.15 10,024,612.15 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio (RTC) - 2012 Bond Interest N/A N/A 8,654,362.50 8,654,362.50 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio (RTC) - 2012 Bond Principal N/A N/A 16,250,996.31 16,250,996.31 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio (RTC) - Sales Tax N/A N/A 395,624.71 395,624.71 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio - Wetland Mitigation (RTC) N/A N/A 293,455.89 293,455.89 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio - Sage Hill Endowment (RTC) N/A N/A 4,118.63 4,118.63 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio (RTC) - 2014 Bond Ser A Principal N/A N/A 4,593,094.58 4,593,094.58 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio (RTC) - 2014 Bond Ser A Interest N/A N/A 8,591,670.87 8,591,670.87 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio (RTC) - 2014 Bond Ser A Proj Del Mar N/A N/A 596,665.95 596,665.95 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio (RTC) - 2014 Bond Ser A Proj Santee N/A N/A 467,283.36 467,283.36 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio (RTC) - 2016 Series A Principal N/A N/A 2,766,873.91 2,766,873.91 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio (RTC) - 2016 Series A Interest N/A N/A 10,100,747.80 10,100,747.80 - N/A AAAm NR 0.89% 53

CAMP Cash Reserve Portfolio (RTC) - 2016 Bond Series A Project N/A N/A 38,077,875.24 38,077,875.24 - N/A AAAm NR 0.89% 53

BNY Mellon Cash Reserve TransNet Extension (RTC) N/A N/A 347,912.05 347,912.05 - N/A NR NR 0.00% 1

Total money market accounts and funds 298,519,644.27$ 298,519,644.27$ -$ N/A 0.97% 202

Total cash and cash equivalents 308,045,597.43$ 308,045,597.43$ -$ N/A N/A 196

Investments:

State of CA Local Agency Investment Fund:

LAIF - TransNet (RTC) N/A N/A 33,371,451.88$ 33,371,451.88$ -$ N/A NR NR 0.85% 180

LAIF - SANDAG N/A N/A 5,022,806.19 5,022,806.19 - N/A NR NR 0.85% 180

Total State of CA Local Agency Investment Fund 38,394,258.07$ 38,394,258.07$ -$ N/A 0.85% 180

U.S. Agencies:

US Treasury Notes 11/15/2016 03/31/2018 7,463,637.50$ 7,455,458.12$ (8,179.38)$ 7,480,000.00$ AA+ Aaa 0.91% 365

FHLMC Notes 12/09/2016 03/27/2019 3,816,066.30 3,785,158.05 (30,908.25) 3,615,000.00 AA+ Aaa 1.28% 726

FNMA Benchmark Note 06/17/2016 10/19/2018 1,510,755.00 1,497,570.00 (13,185.00) 1,500,000.00 AA+ Aaa 0.81% 567


Fannie Mae Global Notes 06/17/2016 10/26/2017 1,503,960.00 1,498,915.50 (5,044.50) 1,500,000.00 AA+ Aaa 0.68% 209

19

Wtd. Avg.



SANDAG



Fannie Mae Global Notes 06/17/2016 02/08/2018 1,504,530.00 1,497,157.50 (7,372.50) 1,500,000.00 AA+ Aaa 0.69% 314

Freddie Mac Global Notes 06/17/2016 07/28/2017 1,505,415.00 1,500,537.00 (4,878.00) 1,500,000.00 AA+ Aaa 0.67% 119

US Treasury Notes 07/11/2014 06/30/2017 1,254,142.97 1,259,705.16 5,562.19 1,260,000.00 AA+ Aaa 0.91% 91

Federal Home Loan Banks Agcy 06/17/2016 06/29/2018 500,850.00 498,067.50 (2,782.50) 500,000.00 AA+ Aaa 0.79% 455

FNMA Notes 06/17/2016 07/20/2018 503,715.00 499,685.50 (4,029.50) 500,000.00 AA+ Aaa 0.77% 476

FNMA Benchmark Note 06/17/2016 10/19/2018 503,585.00 499,190.00 (4,395.00) 500,000.00 AA+ Aaa 0.81% 567

FNMA Benchmark Note 06/17/2016 01/28/2019 507,045.00 500,570.00 (6,475.00) 500,000.00 AA+ Aaa 0.83% 668

FHLMC Notes 06/17/2016 03/27/2019 538,870.00 523,535.00 (15,335.00) 500,000.00 AA+ Aaa 0.90% 726

Freddie Mac Notes 12/10/2015 05/30/2019 722,900.75 720,601.31 (2,299.44) 715,000.00 AA+ Aaa 1.42% 790

US Treasury Notes 06/27/2016 04/30/2019 7,396,727.73 7,259,849.94 (136,877.79) 7,210,000.00 AA+ Aaa 0.70% 760

US Treasury Notes 12/01/2016 01/31/2020 5,269,552.73 5,275,777.05 6,224.32 5,310,000.00 AA+ Aaa 1.50% 1,036

US Treasury Notes 03/15/2017 09/30/2020 7,930,478.32 7,984,350.00 53,871.68 8,065,000.00 AA+ Aaa 1.86% 1,279

US Treasury Notes 01/06/2016 12/31/2018 4,411,171.88 4,411,343.20 171.32 4,400,000.00 AA+ Aaa 1.29% 640

FNMA Series 01/15/2015 02/01/2018 717,149 710465.11 (6,684) 710054.13 AA+ Aaa 0.01258 307

FNMA Series 04/15/2015 04/01/2018 1,035,246.31 1,024,106.82 (11,139.49) 1,025,000.00 AA+ Aaa 0.83% 366

Fannie Mae Series 10/07/2015 09/01/2019 2,026,919.50 2,006,622.09 (20,297.41) 2,006,823.37 AA+ Aaa 1.08% 884

FNMA Series 11/06/2015 01/01/2019 989,799.90 981,274.10 (8,525.80) 980,000.00 AA+ Aaa 1.20% 641

FNMA Series 06/09/2016 06/01/2019 2,979,498.53 2,950,823.64 (28,674.89) 2,950,000.00 AA+ Aaa 1.05% 792

FHLMC Series 04/15/2016 03/01/2019 1,083,749.68 1,072,487.50 (11,262.18) 1,073,027.98 AA+ Aaa 0.99% 700

FHLB Global Note 06/02/2016 06/21/2019 12,604,703.80 12,539,384.00 (65,319.80) 12,610,000.00 AA+ Aaa 1.14% 812

FHLB Global Note 08/25/2016 10/01/2018 7,769,713.00 7,728,544.38 (41,168.62) 7,775,000.00 AA+ Aaa 0.91% 549

FNMA Notes 03/02/2016 12/14/2018 8,009,200.00 7,980,704.00 (28,496.00) 8,000,000.00 AA+ Aaa 1.08% 623





FNMA Notes 08/31/2016 08/28/2019 7,887,676.00 7,816,078.30 (71,597.70) 7,900,000.00 AA+ Aaa 1.05% 880

FNMA Notes 10/03/2016 08/28/2019 3,717,768.00 3,680,482.44 (37,285.56) 3,720,000.00 AA+ Aaa 1.02% 880

Fannie Mae Global Notes 01/03/2017 10/24/2019 9,266,990.00 9,285,479.80 18,489.80 9,400,000.00 AA+ Aaa 1.52% 937

FNMA Notes 02/24/2017 02/28/2020 2,763,230.40 2,758,344.65 (4,885.75) 2,765,000.00 AA+ Aaa 1.52% 1,064

FNMA Notes 03/02/2017 02/28/2020 6,562,776.00 6,584,113.80 21,337.80 6,600,000.00 AA+ Aaa 1.70% 1,064

FHLMC Notes 03/02/2016 03/27/2019 2,156,300.00 2,094,140.00 (62,160.00) 2,000,000.00 AA+ Aaa 1.15% 726

FHLMC Reference Note 07/19/2016 07/19/2019 5,721,121.30 5,665,314.02 (55,807.28) 5,735,000.00 AA+ Aaa 0.96% 840



FHLB Notes 10/15/2015 10/26/2017 824,043.00 823,388.78 (654.22) 825,000.00 AA+ Aaa 0.68% 209

Federal National Mortgage Association 11/27/2012 09/20/2017 3,508,400.00 3,500,203.00 (8,197.00) 3,500,000.00 AA+ Aaa 1.00% 173



Federal National Mortgage Association 11/12/2015 10/26/2017 2,997,900.00 2,997,831.00 (69.00) 3,000,000.00 AA+ Aaa 0.91% 209

Federal Home Loan Mortgage Corp 09/23/2015 11/17/2017 4,968,054.00 4,666,379.90 (301,674.10) 4,550,000.00 AA+ Aaa 0.78% 231

Federal Home Loan Bank 12/12/2014 12/08/2017 2,002,160.00 2,001,040.00 (1,120.00) 2,000,000.00 AA+ Aaa 1.09% 252

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SANDAG



Federal Farm Credit Bank 06/15/2015 12/11/2017 4,491,585.00 4,497,210.00 5,625.00 4,500,000.00 AA+ Aaa 0.98% 255


Federal Home Loan Mortgage Corp 01/28/2013 01/12/2018 4,931,800.00 4,988,720.00 56,920.00 5,000,000.00 AA+ Aaa 1.03% 287

Federal Agricultural Mortgage Corp 01/22/2013 01/24/2018 2,499,375.00 2,496,900.00 (2,475.00) 2,500,000.00 AA+ Aaa 0.94% 299


Federal National Mortgage Association 02/15/2013 02/08/2018 1,989,480.00 1,996,210.00 6,730.00 2,000,000.00 AA+ Aaa 0.98% 314

Federal Home Loan Bank 03/15/2013 03/09/2018 254,980.00 250,573.50 (4,406.50) 250,000.00 AA+ Aaa 0.96% 343



Federal Home Loan Bank 05/26/2015 05/21/2018 4,989,850.00 4,993,400.00 3,550.00 5,000,000.00 AA+ Aaa 1.07% 416

Federal Farm Credit Bank 06/11/2015 06/01/2018 4,983,750.00 5,002,500.00 18,750.00 5,000,000.00 AA+ Aaa 1.21% 427







Federal Farm Credit Bank 08/31/2015 01/30/2019 4,004,520.00 4,001,680.00 (2,840.00) 4,000,000.00 AA+ Aaa 1.29% 670




Federal Farm Credit Bank 05/09/2016 05/16/2019 5,500,000.00 5,476,350.00 (23,650.00) 5,500,000.00 AA+ Aaa 1.17% 776


Federal National Mortgage Association 10/03/2016 03/30/2020 5,097,450.00 5,017,023.00 (80,427.00) 5,100,000.00 AA+ Aaa 1.26% 1,095

Federal Home Loan Mortgage Corp 10/03/2016 07/06/2020 5,498,625.00 5,433,560.00 (65,065.00) 5,500,000.00 AA+ Aaa 1.38% 1,193

United States Treasury Note/Bond 06/11/2015 06/15/2018 4,996,093.75 4,999,415.00 3,321.25 5,000,000.00 AA+ Aaa 1.15% 441

United States Treasury Note/Bond 01/11/2016 07/31/2018 4,529,003.91 4,513,009.50 (15,994.41) 4,500,000.00 AA+ Aaa 1.12% 487



United States Treasury Note/Bond 10/13/2016 09/30/2019 4,998,437.50 4,951,955.00 (46,482.50) 5,000,000.00 AA+ Aaa 1.01% 913

United States Treasury Note/Bond 10/13/2016 12/31/2019 4,810,125.00 4,758,748.80 (51,376.20) 4,800,000.00 AA+ Aaa 1.06% 1,005

Total U.S. Agencies 301,212,874.45$ 299,597,341.31$ (1,615,533.14)$ 300,354,905$ 1.12% 668

Corporate Medium Term Notes:

Chevron Corp (Callable) Global Notes 08/17/2016 12/05/2017 1,742,862.87$ 1,738,099.49$ (4,763.38)$ 1,741,000.00$ AA- Aa2 1.02% 249

Chevron Corp Note 08/18/2016 11/15/2017 5,324,062.00 5,300,360.40 (23,701.60) 5,300,000.00 AA- Aa2 0.97% 229

Exxon Mobil Corp Notes 08/17/2016 03/01/2018 2,718,549.00 2,702,481.30 (16,067.70) 2,700,000.00 AA+ Aaa 0.98% 335

Coca-Cola Co Global Note 08/24/2016 04/01/2018 7,120,093.00 7,084,948.00 (35,145.00) 7,100,000.00 AA- Aa3 0.97% 366



IBM Corp Notes 08/18/2016 02/06/2018 7,124,637.00 7,090,145.20 (34,491.80) 7,100,000.00 AA- Aa3 0.88% 312

Caterpillar Financial Se 06/17/2016 08/18/2017 1,504,800.00 1,500,355.50 (4,444.50) 1,500,000.00 A A3 0.97% 140

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SANDAG



Coca-Cola Co Global Note 06/17/2016 04/01/2018 1,507,590.00 1,496,820.00 (10,770.00) 1,500,000.00 AA- Aa3 0.86% 366

JP Morgan Chase Corp Notes (Callable) 06/17/2016 03/01/2018 1,507,110.00 1,500,336.00 (6,774.00) 1,500,000.00 A- A3 1.42% 335

Merck & Co Inc Corp Notes 06/17/2016 01/31/2018 1,505,910.00 1,496,937.00 (8,973.00) 1,500,000.00 AA A1 0.85% 306

Microsoft Corp Notes 06/17/2016 11/03/2018 1,509,285.00 1,499,662.50 (9,622.50) 1,500,000.00 AAA Aaa 1.03% 582

Wal-Mart Stores Inc 06/17/2016 12/15/2018 1,537,620.00 1,512,448.50 (25,171.50) 1,500,000.00 AA Aa2 0.93% 624

Wells Fargo & Company Corp Notes 06/17/2016 09/08/2017 1,506,030.00 1,499,245.50 (6,784.50) 1,500,000.00 A A2 1.07% 161

The Walt Disney Corp 06/17/2016 09/17/2018 506,355.00 501,045.00 (5,310.00) 500,000.00 A A2 0.92% 535

JP Morgan Chase Corp Notes (Callable) 06/17/2016 03/01/2018 502,370.00 500,112.00 (2,258.00) 500,000.00 A- A3 1.42% 335

Merck & Co Inc Corp Notes 06/17/2016 01/31/2018 501,970.00 498,979.00 (2,991.00) 500,000.00 AA A1 0.85% 306

Wells Fargo & Company Corp Notes 06/17/2016 09/08/2017 502,010.00 499,748.50 (2,261.50) 500,000.00 A A2 1.07% 161

American Express Crd Crp Nt (Callable) 02/05/2016 07/31/2018 3,496,290.00 3,504,914.00 8,624.00 3,500,000.00 A- A2 1.84% 487

American Exp Credit Corp Nt (Callable) 10/29/2015 11/05/2018 1,059,904.60 1,061,811.54 1,906.94 1,060,000.00 A- A2 1.88% 584

American Honda Finance Corp Notes 03/10/2015 03/13/2018 2,531,603.10 2,536,117.94 4,514.84 2,535,000.00 A+ A1 1.55% 347

American Honda Finance Corp Notes 02/18/2016 02/22/2019 1,144,771.00 1,143,753.10 (1,017.90) 1,145,000.00 A+ A1 1.71% 693

Apple Inc Bonds 02/02/2017 02/07/2020 3,503,282.55 3,515,203.06 11,920.51 3,505,000.00 AA+ Aa1 1.92% 1,043

Bank Of New York Mellon Corp (Callable) 05/22/2015 05/22/2018 4,424,601.75 4,424,181.38 (420.37) 4,425,000.00 A A1 1.60% 417

Berkshire Hathaway Inc Notes 03/08/2016 03/15/2019 839,361.60 841,453.20 2,091.60 840,000.00 AA Aa2 1.73% 714

Berkshire Hathaway Inc Corporate Notes 08/08/2016 08/15/2019 959,068.80 950,810.88 (8,257.92) 960,000.00 AA Aa2 1.33% 867

Chevron Corp Corp Notes 02/28/2017 02/28/2019 1,470,000.00 1,471,544.97 1,544.97 1,470,000.00 AA- Aa2 1.69% 699

Cisco Systems Inc Corp Note 06/10/2015 06/15/2018 4,769,189.10 4,785,297.39 16,108.29 4,770,000.00 AA- A1 1.66% 441

John Deere Capital Corp Note 09/08/2015 08/10/2018 3,736,334.80 3,749,963.36 13,628.56 3,740,000.00 A A2 1.79% 497

John Deere Capital Corp Note 01/05/2016 01/08/2019 949,943.00 955,242.10 5,299.10 950,000.00 A A2 1.95% 648

IBM Corp Notes 02/03/2015 02/06/2018 4,237,037.50 4,244,101.00 7,063.50 4,250,000.00 AA- Aa3 1.23% 312

JP Morgan Chase & Co 01/03/2017 01/28/2019 1,354,338.00 1,354,245.54 (92.46) 1,340,000.00 A- A3 1.82% 668

Pepsico, Inc Corp Notes 04/27/2015 04/30/2018 714,914.20 714,606.75 (307.45) 715,000.00 A A1 1.25% 395

Toyota Motor Credit Corp 07/08/2015 07/13/2018 829,294.50 830,875.65 1,581.15 830,000.00 AA- Aa3 1.58% 469

Toyota Motor Credit Corp 02/16/2016 02/19/2019 699,916.00 701,177.40 1,261.40 700,000.00 AA- Aa3 1.70% 690

Wells Fargo & Co 02/01/2017 01/30/2020 3,626,203.30 3,642,684.39 16,481.09 3,635,000.00 A A2 2.23% 1,035

Apple Inc 05/22/2014 05/05/2017 3,011,340.00 3,000,156.00 (11,184.00) 3,000,000.00 AA+ Aa1 0.92% 35

American Express Credit Corp 09/30/2014 06/05/2017 4,970,500.00 5,000,195.00 29,695.00 5,000,000.00 A- A2 1.35% 66

Pepsico Inc 02/13/2013 08/13/2017 3,004,200.00 3,000,276.00 (3,924.00) 3,000,000.00 A A1 1.22% 135

Wells Fargo 07/20/2015 09/08/2017 4,008,120.00 3,997,988.00 (10,132.00) 4,000,000.00 A A2 1.30% 161

International Business Machines Corp 01/30/2014 09/14/2017 3,107,673.00 2,754,245.70 (353,427.30) 2,700,000.00 AA- Aa3 1.40% 167

International Business Machines Corp 02/04/2015 02/06/2018 2,993,400.00 2,995,836.00 2,436.00 3,000,000.00 AA- Aa3 1.20% 312

Wal-Mart Stores Inc 04/11/2013 04/11/2018 500,215.00 499,124.00 (1,091.00) 500,000.00 AA Aa2 1.12% 376

Wal-Mart Stores Inc 09/18/2015 04/11/2018 1,798,470.00 1,796,846.40 (1,623.60) 1,800,000.00 AA Aa2 1.16% 376

Apple Inc 07/31/2013 05/03/2018 1,925,040.00 1,993,952.00 68,912.00 2,000,000.00 AA+ Aa1 1.83% 398

Berkshire Hathaway Finance Corp 06/11/2015 08/15/2018 5,081,575.00 5,036,960.00 (44,615.00) 5,000,000.00 AA Aa2 1.47% 502

Caterpillar Financial Services 11/13/2015 11/13/2018 2,006,560.00 2,002,010.00 (4,550.00) 2,000,000.00 A A3 1.69% 592

Microsoft Corp 07/06/2015 12/06/2018 5,060,450.00 5,020,945.00 (39,505.00) 5,000,000.00 AAA Aaa 1.26% 615

Exxon Mobil Corp 08/04/2016 03/15/2019 8,142,400.00 8,030,424.00 (111,976.00) 8,000,000.00 AA+ Aaa 1.12% 714

Caterpillar Financial Services 08/31/2016 05/18/2019 2,243,091.20 2,212,920.64 (30,170.56) 2,240,000.00 A A3 1.30% 778

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SANDAG



Pfizer Inc 06/20/2016 06/03/2019 4,012,200.00 3,980,780.00 (31,420.00) 4,000,000.00 AA A1 1.34% 794

Pfizer Inc 06/20/2016 06/03/2019 2,006,100.00 1,990,390.00 (15,710.00) 2,000,000.00 AA A1 1.34% 794

Toyota Motor Credit 06/20/2016 07/18/2019 6,039,300.00 6,047,622.00 8,322.00 6,000,000.00 AA- Aa3 1.86% 839

Total Corporate Medium Notes 141,309,493.87$ 140,614,421.88$ (695,071.99)$ 140,451,000.00$ 1.34% 467

Commercial Paper:

BNP Paribas NY Branch Comm Paper 10/13/2016 04/11/2017 844,843.81$ 849,758.60$ 4,914.79$ 850,000.00$ A-1 P-1 1.23% 11

Credit Agricole Cib NY Comm Paper 10/13/2016 04/12/2017 844,900.00 849,745.85 4,845.85 850,000.00 A-1 P-1 1.21% 12

ING (US) Funding LLC Comm Paper 10/13/2016 05/23/2017 853,559.08 858,544.88 4,985.80 860,000.00 A-1 P-1 1.23% 53

Bank Of Montreal Chicago Comm Paper 08/17/2016 05/12/2017 17,339,250.70 17,480,557.50 141,306.80 17,500,000.00 A-1 P-1 1.25% 42

BNP Paribas NY Branch Comm Paper 08/17/2016 05/12/2017 17,321,519.44 17,480,365.00 158,845.56 17,500,000.00 A-1 P-1 1.38% 42

Cooperatieve Rabobank U.A. Comm Paper 08/17/2016 05/12/2017 17,336,462.50 17,481,170.00 144,707.50 17,500,000.00 A-1 P-1 1.27% 42

Toyota Motor Credit Corp Comm Paper 08/17/2016 05/12/2017 17,354,633.33 17,480,260.00 125,626.67 17,500,000.00 A-1+ P-1 1.13% 42

US Bank NA Comm Paper 08/17/2016 05/12/2017 17,389,677.08 17,482,027.50 92,350.42 17,500,000.00 A-1+ P-1 0.86% 42

JP Morgan Securities LLC Comm Paper 08/18/2016 05/15/2017 17,358,250.00 17,479,980.00 121,730.00 17,500,000.00 A-1 P-1 1.09% 45

BNP Paribas NY Branch Comm Paper 03/17/2017 12/12/2017 2,077,883.50 2,078,451.90 568.40 2,100,000.00 A-1 P-1 1.44% 256

Total Commercial Paper 108,720,979.44$ 109,520,861.23$ 799,881.79$ 109,660,000.00$ 1.17% 46

Municipal Bonds/Notes:

MS ST TxblL Go Bonds 02/04/2015 10/01/2017 230,000.00$ 230,011.50$ 11.50$ 230,000.00$ AA Aa2 1.09% 184

Total Municipal Bonds/Notes 230,000.00$ 230,011.50$ 11.50$ 230,000.00$ 1.09% 184

Certificates of Deposits:

Bank Of Nova Scotia Houston YCD 11/06/2015 11/06/2017 5,540,000.00$ 5,540,415.50$ 415.50$ 5,540,000.00$ A+ Aa3 1.55% 220

Bank Of Montreal Chicago Cert Depos 02/08/2017 02/07/2019 5,000,000.00 5,034,540.00 34,540.00 5,000,000.00 A+ Aa3 1.90% 678

Canadian Imperial Bank NY CD 12/01/2016 11/30/2018 4,421,548.50 4,449,487.95 27,939.45 4,425,000.00 A+ Aa3 1.78% 609

Nordea Bank Finland NY CD 12/01/2016 11/30/2018 4,320,000.00 4,343,906.88 23,906.88 4,320,000.00 AA- Aa3 1.74% 609

Royal Bank Of Canada NY CD 03/11/2016 03/09/2018 3,325,000.00 3,329,043.20 4,043.20 3,325,000.00 AA- Aa3 1.69% 343

Skandinaviska Enskilda Banken NY CD 11/16/2015 11/16/2017 5,500,000.00 5,496,067.50 (3,932.50) 5,500,000.00 A-1 P-1 1.48% 230

Svenska Handelsbanken NY Lt CD 01/10/2017 01/10/2019 5,000,000.00 4,986,295.00 (13,705.00) 5,000,000.00 AA- Aa2 1.91% 650

Toronto Dominion Bank NY CD 03/14/2016 03/14/2018 2,560,000.00 2,566,000.64 6,000.64 2,560,000.00 AA- Aa1 1.72% 348

US Bank NA Cincinnati (Callable) CD 09/09/2014 09/11/2017 2,790,500.05 2,798,560.83 8,060.78 2,795,000.00 AA- Aa1 1.41% 164

HSBC Bank USA NA Floating Cert Deposit 11/17/2015 11/17/2017 5,540,000 5,552,049.50 12,050 5,540,000.00 A-1+ P-1 0.97% 231

Total Certificates of Deposits 43,997,048.55$ 44,096,367.00$ 99,318.45$ 44,005,000.00$ 1.60% 414

Asset-Backed Security:

Allya 03/21/2017 08/15/2021 799,905.68$ 799,905.68$ -$ 800,000.00$ NR Aaa 1.79% 1,598

Allya 01/24/2017 06/15/2021 769,932.70 769,217.91 (714.79) 770,000.00 AAA Aaa 1.70% 1,537

CNH ABS 09/13/2016 02/15/2020 1,284,883.07 1,283,182.50 (1,700.57) 1,285,000.00 AAA Aaa 1.27% 1,051

HAROT 03/21/2017 07/21/2021 459,972.63 460,200.84 228.21 460,000.00 NR Aaa 1.72% 1,573

Hyundai Auto Receivables Trust 09/14/2016 04/15/2021 1,099,851.94 1,091,746.59 (8,105.35) 1,100,000.00 AAA Aaa 1.30% 1,476

Hyundai ABS 03/22/2016 09/15/2020 659,871.96 659,273.34 (598.62) 660,000.00 AAA Aaa 1.57% 1,264

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SANDAG



HART 03/22/2017 08/15/2021 429,965.21 429,965.21 - 430,000.00 AAA NR 1.76% 1,598

JDOT 02/22/2017 04/15/2021 529,924.53 529,801.04 (123.49) 530,000.00 NR Aaa 1.79% 1,476

Nissan ABS 04/18/2016 01/15/2021 494,923.23 492,263.54 (2,659.69) 495,000.00 NR Aaa 1.33% 1,386

Toyota ABS 02/23/2016 03/15/2020 1,579,910.41 1,575,957.10 (3,953.31) 1,580,000.00 AAA Aaa 1.25% 1,080

Toyota ABS 08/01/2016 08/15/2020 659,982.31 655,200.02 (4,782.29) 660,000.00 AAA Aaa 1.14% 1,233

TAOT 03/07/2017 02/15/2021 254,969.99 254,969.99 - 255,000.00 AAA Aaa 1.74% 1,417

Total Asset-Backed Security 9,024,093.66$ 9,001,683.76$ (22,409.90)$ 9,025,000.00$ 1.46% 1,333

Certificates of Participation:

North County Transit District Certificates of Participation 03/15/2017 05/05/2017 26,750,000.00$ 26,750,000.00$ -$ 26,750,000.00$ NR A1 0.83% 35

Total Certificates of Participation 26,750,000.00$ 26,750,000.00$ -$ 26,750,000.00$ 0.83% 35

Total investments 669,638,748.04$ 668,204,944.75$ (1,433,803.29)$ N/A 1.18% 463

Total Portfolio: 977,684,345.47$ 976,250,542.18$ (1,433,803.29)$ N/A 1.10% 378

Legend:

Automated Regional Justice Information System (ARJIS)

Commercial Paper (CP)

State of California Local Agency Investment Fund (LAIF)

North County Transit District (NCTD)

San Diego County Regional Transportation Commission (RTC)

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OVERVIEW OF DEVELOPMENTS IN THE FINANCIAL MARKETS …€¦ · Debt Service and Coverage As seen in...

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Transcript of OVERVIEW OF DEVELOPMENTS IN THE FINANCIAL MARKETS …€¦ · Debt Service and Coverage As seen in...